融资约束与代理成本对上市公司非效率投资的影响——基于双边随机边界模型的实证度量OA北大核心CHSSCDCSSCICSTPCD
The Influence of Financial constraint and Agency Cost on Investment Inefficiency of listed Firms: An empirical Measurement based on Two-tier stochastic frontier Model
在有效地控制企业最优投资水平的前提下,本文将融资约束与代理成本同时纳入到前沿异质性双边随机边界模型(Two-tier stochastic frontier model)框架下对我国上市公司的非效率投资程度进行了实证度量,并探讨了各种财务因素对融资约束与代理成本的影响.实证结果表明:融资约束的存在使得上市公司的投资支出较最优水平低了37.5％,而代理成本导致上市公司的投资支出超出其最优水平的30.6％,两者的净效果使我国上市公司整体上表现为投资不…查看全部>>
In a perfect situation, the investment of a firm can reach to its optimal level which is totally decided by invest opportunity. In reality, however, the actual investment would unilaterally deviate from its optimal level because of defects of stock market as well as agency problem. At present, the most popular theories concerning investment activities are financial constraint and agency cost which are based on Q model. Nevertheless, the measurement bias of T…查看全部>>
张宗益;郑志丹
重庆大学经济与工商管理学院,重庆,400044重庆大学经济与工商管理学院,重庆,400044
管理科学
融资约束代理成本非效率投资双边随机边界模型
financial constraint agency cost investment inefficiency two-tier stochastic frontier model
《管理工程学报》 2012 (2)
119-126,8
国家杰出青年科学基金资助项目(70525005)
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